CONTENTS

PRINT THIS STORY:

CHANGE TEXT SIZE:

Loews files for Chapter 11, sells company to creditors
Loews Cineplex Entertainment, New York City, America’s second-largest theater chain with nearly 3,000 screens in 365 cinemas, filed for Chapter 11 bankruptcy protection in February and agreed to be acquired by an investment group led by Toronto-based Onex Corp., Loews’ largest creditor.

Jacobs President/COO Cleary retires
Richard E. Jacobs Group President and COO Martin J. Cleary retired March 31 after 20 years in those positions for the company. A successor has not yet been named for Cleary, who is also an ex officio trustee and a Past Chairman of ICSC.

Federated axes Stern’s division
Federated Department Stores, which has operated the 134-year-old Stern’s regional department store chain since the late 1980s, will convert 19 of the 24 locations into 17 Macy’s and two Bloomingdale’s stores. The other five Stern’s locations will close as will the retailer’s headquarters in Paramus, N.J.

DeBartolo returns to retail development
Edward DeBartolo Jr. has turned his attention back to real estate after years of focusing on the entertainment portion of his family’s financial empire. The Youngstown, Ohio-based DeBartolo Property Group took control of the family’s real estate holdings from The Edward J. DeBartolo Corp., Cleveland. The deal included 21 million shares of Simon Property Group stock, about 10% of the company and worth roughly $550 million. Simon, which acquired the DeBartolo family’s mall company in 1996, said the move was an external one and would not affect its strategy.

Lechters cuts 166 shops
Houseswares retailer Lechters, Harrison, N.J., is closing 166 of its stores, leaving it with 241 Lechters and 83 Famous Brand Housewares Outlets. The company will also refocus most of its remaining stores on kitchen products.

Lowe’s unveils $1.3 billion expansion plan for Northeast
Lowe’s Cos., America’s second-largest home-improvement chain after The Home Depot, unveiled an ambitious expansion plan aimed at giving the company a foothold in the Northeast, the only market where it does not already have a major presence. The company plans to spend $1.3 billion and open 75 stores from Philadelphia to Maine over the next five years.